Overview
- Brent hovered near $65.58 and WTI at $61.22 early Tuesday, extending two sessions of declines after Monday’s brief rebound.
- OPEC+ is leaning toward a modest supply increase in December, according to four sources, continuing the group’s reversal of earlier cuts.
- U.S. Treasury Secretary Scott Bessent said talks in Kuala Lumpur yielded a “very substantial” U.S.–China trade framework that would avert 100% tariffs and defer rare‑earth export controls.
- Trump and Xi are expected to meet on Thursday for trade discussions, which markets view as a potential boost to demand sentiment.
- Last week’s rally (Brent +8.9%, WTI +7.7%) followed U.S. and EU sanctions on Rosneft and Lukoil, with key measures taking effect Nov. 21, while analysts warn oversupply and sanction workarounds could cap prices.